ANN/THE STAR – Hong Kong police arrested 31 members of a syndicate that used deepfake romance and investment scams to defraud victims in Singapore and Malaysia, amassing criminal proceeds exceeding HKD34 million (USD4.37 million).
The commercial crime bureau conducted the operation last week, uncovering two premises in Kowloon Bay where the syndicate operated. Scammers used deepfaked images of attractive women sourced online to target victims.
Superintendent Fung Pui-kei revealed yesterday that the centres operated in shifts and recruited young individuals, including students, by promising quick cash for participating in the scams.
New recruits were trained to use dating apps to find victims, mainly in Southeast Asia, and lure them into fake romantic relationships. Victims were then persuaded to invest in a fraudulent overseas virtual asset platform.
Police said the syndicate had generated HKD34 million in crime proceeds, but the number of victims and amount of individual losses were still being reviewed.
Scammers would operate under accounts designed to embody specific personas, usually a good-looking person who would flaunt their wealthy lifestyle with pictures of expensive cars and watches, as well as high-powered events in cryptocurrency investment circles.
Fung Padded that the syndicate made use of deepfake technology to build relationships online.
“They also make use of the new technology, like artificial intelligence face-swapping technology, to (pretend) to be some good-looking ladies and gentlemen to induce potential victims, gain their trust and develop into romance relationships in order to commence the romance scams,” he said. Once gaining their trust, the syndicate persuaded people to send money to a fake investment platform, police said.
During the raids, officers seized HKD100 million worth of suspected criminal gains, including cash, handbags and luxury watches.
Most of those arrested said they were unemployed, while some were university students.
Officers said five of those held, among them core syndicate members, have been charged with conspiracy to defraud.
They appeared at Eastern Court last Monday.
